In a post-pandemic era, live, in-person vehicle auctions have made a triumphant return, bringing with them a wave of excitement and opportunities for potential buyers. However, amidst the allure of bargain prices, there are essential precautions to take and pitfalls to avoid. WesBank, a leading supplier of repossessed vehicles for auction, offers invaluable guidelines to ensure first-timers and seasoned bidders alike understand the process and secure the best deals while avoiding fraudulent schemes.
Research and Preparation are Key
The first step in participating in a vehicle auction is to find the auction center closest to you and review the catalog of bank repossessed cars. Auctions are typically held once a week, and the car catalogues are updated at 12 pm the day before the auction. It is strongly recommended that prospective bidders visit the auction center to inspect the vehicles one day before the auction, as the final catalog can change on the day of the event. Additionally, WesBank has the right to remove auction cars from its catalogues without prior notice, so staying updated is crucial.
Registration and Documentation
Before you can bid, you must register as a bidder. To do so, you’ll need to provide a copy of your identity documents and proof of residence. Unregistered bids will not be considered valid, so make sure to complete this step beforehand. Both the bidder roll and vendor roll will be available for inspection during normal hours, free of charge, to foster transparency and fairness.
Understanding the Auction Process
The highest accepted bidder will be declared the purchaser. In the event of a dispute between two or more bidders, the lot may be resold or the auctioneer may make the final decision. A sale by auction is considered complete when the auctioneer announces its completion by the fall of the gavel or through any other customary manner. It’s essential to note that until the auctioneer declares the completion, you can retract your bid. However, once a sale is confirmed, the auctioneer has the right to demand immediate payment for each lot sold.
Deposits and Payment
To participate in the auction, you are required to lodge a refundable deposit of R 5000.00 upon registration. This amount will be forfeited if you fail to complete the purchase after winning a bid. Be cautious when dealing with anyone who offers to secure a vehicle at a significantly lower price outside the auction process, as this may be a red flag for fraudulent activities.
Goods Sold “As Is”
It’s important to understand that all bank-repossessed cars sold at auction are unencumbered, meaning they are free of debt. However, the seller does not guarantee the quality of the goods, and all vehicles are sold “as is.” Hence, it’s prudent to inspect the vehicles before bidding, and if necessary, consult with a mechanic or expert to assess their condition.
Beware of Scammers
WesBank emphasizes the importance of dealing only with reputable, registered auction houses and official WesBank representatives with proper identification. There have been reports of opportunistic scammers operating on social media platforms or fake websites pretending to auction cars for WesBank. Be cautious of fraudulent pages on platforms like Facebook Marketplace, and do not be tempted by offers that seem too good to be true.
Online Auctions as an Alternative
If the live auction environment makes you nervous or you prefer the convenience of bidding from home, WesBank also offers online auctions. Registration for online auctions opens on Mondays and closes on Wednesdays at 16:30. The auction catalog is available for viewing from Tuesday at 12 noon until Wednesday at 16:30. Pre-bidding or maximum bids can be placed from 12:00 on Wednesday, and the auction commences at 10:30 on Thursday until the last lot is closed. Ensure your registration and refundable deposit are approved, and you receive a username and password emailed to you by WesBank’s official firstname.lastname@example.org address.
Attending a vehicle auction can be a thrilling experience, offering the potential to find great deals on repossessed cars. However, it is vital to educate yourself about the process, diligently inspect the vehicles, and protect yourself from fraudulent schemes. By following WesBank’s guidelines and exercising caution, you can make the most of these auctions and drive away with the car you desire at a price you can afford. Happy bidding!